Our aim is to analyse the interplay between growing inequality and financial fragility in a complex macroeconomic system. In order to do this, we propose a macroeconomic microfounded framework with heterogeneous agents in which households, firms, and banks interact according to decentralised matching processes. The main result is that growing inequality leads to more macroeconomic volatility, increasing the likelihood of observing large unemployment crises. © Springer-Verlag Berlin Heidelberg 2014.
Growing inequality, financial fragility, and macroeconomic dynamics: An agent based model / Alberto, Russo; Riccetti, Luca; Mauro, Gallegati. - ELETTRONICO. - 229 AISC:(2014), pp. 167-176. (Intervento presentato al convegno 9th Conference of the European Social Simulation Association, ESSA 2013 tenutosi a Warsaw nel 16 September 2013 through 20 September 2013) [10.1007/978-3-642-39829-2_15].
Growing inequality, financial fragility, and macroeconomic dynamics: An agent based model
RICCETTI, LUCA;
2014
Abstract
Our aim is to analyse the interplay between growing inequality and financial fragility in a complex macroeconomic system. In order to do this, we propose a macroeconomic microfounded framework with heterogeneous agents in which households, firms, and banks interact according to decentralised matching processes. The main result is that growing inequality leads to more macroeconomic volatility, increasing the likelihood of observing large unemployment crises. © Springer-Verlag Berlin Heidelberg 2014.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
